Required information Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,400 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales $ 3,234,000 Costs Direct materials 985,600 Direct labor 246,400 Sales staff commissions 46,200 DepreciationMachinery 305,000 Supervisory salaries 198,000 Shipping 231,000 Sales staff salaries (fixed annual amount) 248,000 Administrative salaries 618,100 DepreciationOffice equipment 194,000 Income $ 161,700 Problem 8-1A (Algo) Preparing and analyzing a flexible budget LO P1 Required: 1&2. Prepare flexible budgets at sales volumes of 14,400 and 16,400 units. 3. The companys business conditions are improving. One possible result is a sales volume of 18,400 units. Prepare a simple budgeted income statement if 18,400 units are sold